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Existing home sales were up<\/a> 3.4% month-over-month in October, showing their first year-over-year gain in more than three years. <\/b><\/p>\n Corcoran Group founder, Shark Tank investor, and real estate expert Barbara Corcoran says the increase in home sales doesn’t surprise her.<\/p>\n “There are more houses on the market so there are 25% more choices for the buyer coming out into the market and looking,” Corcoran told Fox Business<\/a> on Thursday. “On top of that, the buyers themselves have gotten accustomed to the rates being what they are and they just got tired of waiting.”<\/p>\n Related: <\/b>You Have One Month Left to Buy a House, According to Barbara Corcoran. Here’s Why.<\/a><\/p>\n As of Friday, mortgage rates are up to 6.96%<\/a> for 30-year fixed mortgages, a 0.05% increase from last week. Corcoran said that if the rate drops down somewhere in the 5% to 5.99% range, it would have a noticeable effect on the market.<\/p>\n “Anything with a 5% in front of it is going to make this market go ballistic,” Corcoran said. “But right now you’re already seeing the signs of it [lower rates] in the last month.”<\/p>\n Corcoran predicted last month<\/a> in an interview with Entrepreneur<\/i> that mortgage rates would go down to the 5% range within the next year.<\/p>\n She said that most potential sellers could be sitting on rates much lower than that, under 3%, so incentivizing them to sell could be difficult.<\/p>\n Related: <\/b>Barbara Corcoran Says This Is the One Question to Ask Before Selling Your Home<\/a><\/p>\n According to a report released by the National Association of Realtors (NAR) earlier this month<\/a>, first-time buyers were older than ever, with the median age settling at 38 years old this year. The average age of home buyers overall was an all-time high of 56 years old, up from 49 years old last year.<\/p>\n Corcoran told Fox Business that the higher ages are because of higher interest rates, which lock out younger buyers with less home equity.<\/p>\n “I say my prayers at night and pray for lower interest rates,” she said.<\/p>\n The NAR<\/a> report showed that first-time home buyers made up an all-time low of about 25% of all total home buyers, down from 32% in 2023.<\/p>\n Repeat home buyers dominated sales: They could afford to put down larger down payments, with the median down payment percentage of the group resting at 23%. Nearly a third, 31%, paid for a new home in all cash.<\/p>\n First-time home buyers have had to adjust to these conditions. This year they put down a typical down payment of 9%, the highest percentage since 1997.<\/p>\n Related: <\/b>Barbara Corcoran Needed to Make Job Cuts. Here’s Why She Fired Her Mom First.<\/a>\n <\/div>\n